HighPeak Energy, Inc. (HPK): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la exploración energética, Highpeak Energy, Inc. (HPK) surge como una potencia estratégica en la cuenca del Pérmico, revolucionando la producción de petróleo y gas a través de un modelo de negocio innovador que equilibra la destreza tecnológica, las asociaciones estratégicas y la perspicacia financiera. Al aprovechar las técnicas de perforación de vanguardia, optimizar las carteras de activos y mantener un enfoque centrado en el láser para operaciones eficientes, HighPeak Energy se ha posicionado como un reproductor formidable en el panorama energético competitivo, prometiendo retornos sólidos y un desarrollo sostenible que cautiva a los inversores y la industria de la industria y la industria Observadores.

Highpeak Energy, Inc. (HPK) - Modelo de negocio: asociaciones clave

Empresa conjunta con energía de Colgate

En octubre de 2022, HighPeak Energy completó una fusión con Colgate Energy Partners III, LLC valorada en aproximadamente $ 6.0 mil millones. La transacción involucrada:

• Aproximadamente 30,000 acres netos en la cuenca Pérmica
• Producción de 38,000 barriles de aceite equivalente por día (BOE/DÍA)
• Reservas probadas estimadas de 262 millones de BOE

Asociaciones estratégicas con proveedores de servicios petroleros

Proveedor de servicios	Tipo de servicio	Detalles del contrato
Schlumberger	Servicios de perforación y finalización	Contrato de varios años para operaciones de la cuenca del Pérmico
Halliburton	Fractura hidráulica	Acuerdo de servicio a largo plazo para finalizaciones horizontales de pozos

Colaboraciones de transporte de la corriente media

Highpeak Energy ha establecido asociaciones con empresas Midstream para:

• Transporte de petróleo crudo
• Recolección y procesamiento de gas natural
• Gestión de agua producida

Asociaciones financieras

Institución financiera	Tipo de asociación	Monto de la facilidad de crédito
JPMorgan Chase	Facilidad de crédito giratorio	$ 500 millones
Wells Fargo	Préstamos basados ​​en reservas	$ 350 millones

Highpeak Energy, Inc. (HPK) - Modelo de negocio: actividades clave

Exploración y producción de petróleo y gas natural

A partir del cuarto trimestre de 2023, HighPeak Energy reportó una producción total de 44,800 barriles de aceite equivalente por día (BOE/D). El desglose de producción incluye:

Tipo de producción	Volumen	Porcentaje
Petróleo crudo	26,800 boe/d	59.8%
Gas natural	18,000 boe/d	40.2%

Perforación horizontal en la cuenca de Pérmico

Las operaciones de perforación de Highpeak Energy se concentran en la cuenca de Midland de la cuenca del Pérmico. Las estadísticas de perforación clave incluyen:

• Pozos horizontales operados: 133 pozos netos
• Longitud lateral promedio: 10,500 pies
• Costo de perforación por pozo: aproximadamente $ 8.5 millones

Adquisición de activos y optimización de cartera

En 2023, HighPeak Energy completó adquisiciones de activos estratégicos:

Detalles de adquisición	Valor	Superficie en acres
Adquisición de la cuenca del Pérmico	$ 525 millones	22,000 acres netos

Gestión de yacimientos y técnicas de recuperación mejoradas

Highpeak Energy implementa estrategias avanzadas de gestión de yacimientos:

• Tasa de recuperación de inundaciones de agua: 15-20%
• Inversión mejorada de recuperación de petróleo: $ 45 millones en 2023
• Recuperación final estimada (EUR) por pozo: 750,000 BOE

Highpeak Energy, Inc. (HPK) - Modelo de negocio: recursos clave

Superficie significativa en la cuenca de Pérmico

A partir del cuarto trimestre de 2023, HighPeak Energy se mantiene aproximadamente 41,700 acres netos en la región de la cuenca de Midland de la cuenca del Pérmico.

Ubicación	Acres netos	Reservas estimadas
Cuenca de Midland	41,700	Aproximadamente 330 millones de boe

Tecnologías avanzadas de perforación y extracción

HighPeak Energy utiliza tecnologías de perforación modernas con las siguientes especificaciones:

• Técnicas de perforación horizontal
• Fractura hidráulica de varias etapas
• Imágenes sísmicas 3D avanzadas

Equipo de gestión experimentado

Posición	Nombre	Años de experiencia en la industria
CEO	Jack Hightower	Más de 30 años
director de Finanzas	Ryan Humpries	Más de 20 años

Capital financiero sólido y facilidades de crédito

Recursos financieros a partir del cuarto trimestre 2023:

• Activos totales: $ 1.2 mil millones
• Facilidad de crédito: $ 500 millones
• Equivalentes de efectivo y efectivo: $ 78.3 millones

Métrica financiera	Cantidad
Deuda total	$ 350 millones
Capital de explotación	$ 128.5 millones

Highpeak Energy, Inc. (HPK) - Modelo de negocio: propuestas de valor

Producción de alta calidad y bajo costo de petróleo y gas

A partir del cuarto trimestre de 2023, HighPeak Energy informó:

Métrica de producción	Valor
Producción total	52,700 barriles de aceite equivalente por día (boe/d)
Producción de petróleo	45,200 barriles por día
Costo de producción	$ 6.57 por boe

Centrarse en estrategias operativas eficientes

Métricas de eficiencia operativa para 2023:

• Gastos operativos de arrendamiento: $ 3.86 por boe
• Gastos generales y administrativos: $ 1.71 por boe
• Gasto de capital: $ 396.4 millones

Desarrollo de energía sostenible y responsable

Desempeño ambiental	Métrico
Intensidad de emisiones de metano	0.11 toneladas métricas CO2E por mil boe
Reducción de la quiebra	Menos del 1% de la producción total

Fuerte retorno de la inversión para los accionistas

Destacado de rendimiento financiero para 2023:

• Ingresos: $ 1.24 mil millones
• Ingresos netos: $ 363.2 millones
• Flujo de efectivo gratis: $ 280.6 millones
• Dividendo por acción: $ 0.50 trimestralmente

Highpeak Energy, Inc. (HPK) - Modelo de negocios: relaciones con los clientes

Contratos de suministro a largo plazo con compradores de energía

HighPeak Energy mantiene contratos estratégicos de suministro a largo plazo con múltiples compradores de energía en la cuenca del Pérmico. A partir del cuarto trimestre de 2023, la compañía informó:

Tipo de contrato	Volumen anual	Duración del contrato
Suministro de petróleo crudo	45,000 barriles por día	3-5 años
Suministro de gas natural	150 millones de pies cúbicos por día	2-4 años

Ventas directas a refinerías y comerciantes de energía

Los canales de ventas directos incluyen:

• Top 5 clientes de refinería en Texas y Nuevo México
• Comerciantes de energía del mercado spot
• Compañías de energía de la corriente intermedia

Desglose de ingresos por ventas para 2023:

Segmento de clientes	Ganancia	Porcentaje
Refinerías	$ 412 millones	62%
Comerciantes de energía	$ 218 millones	33%
Otros clientes	$ 30 millones	5%

Comunicación transparente con inversores

Métricas de relaciones con los inversores para 2023:

• Llamadas de ganancias trimestrales: 4 por año
• Presentaciones de inversores: 8 eventos
• Frecuencia de comunicación de los accionistas: actualizaciones mensuales

Compromiso con la excelencia ambiental y operativa

Indicadores de desempeño ambiental:

Métrico	2023 rendimiento	Mejora
Reducción de emisiones de metano	Reducción del 22%	De 2022 línea de base
Tasa de reciclaje de agua	75%	Aumentó del 62% en 2022

Highpeak Energy, Inc. (HPK) - Modelo de negocios: canales

Ventas directas a los mercados de energía

Los canales de ventas directos de Highpeak Energy en 2023 se centraron en las operaciones de la cuenca de Pérmica con las siguientes métricas clave:

Canal de ventas	Volumen (Boe/D)	Impacto de ingresos
Ventas directas de petróleo crudo	22,500 barriles por día	$ 765 millones de ingresos anuales
Ventas directas de gas natural	132 millones de pies cúbicos por día	$ 189 millones de ingresos anuales

Plataformas de comercio de productos básicos

Las plataformas comerciales utilizadas por HighPeak Energy incluyen:

• CME NYMEX FUTURES EXCHANG
• Intercontinental Exchange (ICE)
• Plataforma de comercio terminal de Bloomberg

Comunicaciones de relaciones con los inversores

Canal de comunicación	Frecuencia	Alcanzar
Llamadas de ganancias trimestrales	4 veces anualmente	Más de 250 inversores institucionales
Reunión anual de accionistas	1 vez anualmente	Aproximadamente 175 accionistas

Plataformas digitales para la participación de los inversores y las partes interesadas

Métricas de compromiso digital para 2023:

• Visitantes del sitio web corporativo: 47,500 por mes
• Portal de relaciones con los inversores: 22,300 visitantes únicos trimestralmente
• Seguidores de LinkedIn: 3.750
• Seguidores de Twitter: 2,100

Highpeak Energy, Inc. (HPK) - Modelo de negocio: segmentos de clientes

Refinerías de petróleo

A partir del cuarto trimestre de 2023, HighPeak Energy suministra aproximadamente 15,000 barriles de petróleo crudo por día a refinerías de petróleo en la región de la cuenca del Pérmico.

Tipo de refinería	Suministro de petróleo anual (barriles)	Enfoque geográfico
Refinerías West Texas Intermediate (WTI)	5,475,000	Cuenca del permisa
Refinerías independientes regionales	3,650,000	Texas y Nuevo México

Empresas de comercio de energía

Highpeak Energy cotiza aproximadamente 20,000 mmbtu de gas natural diariamente a través de plataformas de comercio de energía.

• Volumen diario de comercio de gas natural: 20,000 mmbtu
• Ingresos comerciales anuales: $ 42.6 millones en 2023
• Plataformas de comercio primario: CME Group, Intercontinental Exchange

Consumidores de energía industrial

Los clientes industriales consumen aproximadamente el 25% de la producción de producción total de Highpeak Energy.

Sector industrial	Consumo anual de energía	Tipo de contrato
Fabricación	3.2 millones de mmbtu	Acuerdo de suministro a largo plazo
Procesamiento químico	2.8 millones de mmbtu	Contrato de precio fijo

Inversores institucionales e individuales

Al 31 de diciembre de 2023, la capitalización de mercado de Highpeak Energy era de $ 1.2 mil millones.

• Propiedad institucional total: 68.3%
• Número de inversores institucionales: 127
• Accionistas institucionales más grandes:
  • Vanguard Group: 12.4%
  • BlackRock: 9.7%
  • State Street Corporation: 6.2%

Highpeak Energy, Inc. (HPK) - Modelo de negocio: Estructura de costos

Gastos de exploración y perforación

Para el año fiscal 2023, HighPeak Energy reportó gastos de exploración totales de $ 12.4 millones. Los costos relacionados con la perforación fueron de aproximadamente $ 87.6 millones.

Categoría de gastos	Monto ($)
Costos de encuesta sísmica	3.2 millones
Costos de exploración bien	9.2 millones

Inversiones de equipos y tecnología

Los gastos de capital para 2023 totalizaron $ 415.7 millones, con asignaciones específicas de la siguiente manera:

• Equipo de perforación: $ 187.3 millones
• Tecnología de producción: $ 92.5 millones
• Desarrollo de infraestructura: $ 135.9 millones

Costos operativos y de mantenimiento

Categoría de costos	Gasto anual ($)
Operaciones de campo	64.3 millones
Mantenimiento del equipo	22.7 millones
Soporte de la fuerza laboral	38.5 millones

Gastos generales y administrativos

Los gastos generales y administrativos para 2023 fueron de $ 45.2 millones, desglosados ​​de la siguiente manera:

• Salarios y beneficios: $ 28.6 millones
• Gastos administrativos corporativos: $ 11.3 millones
• Servicios profesionales: $ 5.3 millones

Estructura de costos totales para 2023: $ 560.2 millones

Highpeak Energy, Inc. (HPK) - Modelo de negocio: flujos de ingresos

Ventas de petróleo crudo

Para el año fiscal 2023, HighPeak Energy informó una producción de petróleo crudo de 24,427 barriles por día. El precio promedio de petróleo crudo realizado fue de $ 71.52 por barril. Los ingresos totales de petróleo crudo para 2023 fueron de aproximadamente $ 637.4 millones.

Métrica de producción	Valor
Producción diaria de petróleo	24,427 barriles
Precio promedio del petróleo	$ 71.52 por barril
Ingresos anuales de petróleo	$ 637.4 millones

Ingresos de producción de gas natural

Highpeak Energy produjo 85.1 millones de pies cúbicos de gas natural por día en 2023. El precio promedio del gas natural fue de $ 2.61 por millón de pies cúbicos. Los ingresos totales del gas natural alcanzaron los $ 303.2 millones para el año.

Métrico de gas natural	Valor
Producción diaria de gas	85.1 millones de pies cúbicos
Precio promedio de gas	$ 2.61 por millón de pies cúbicos
Ingresos anuales de gas	$ 303.2 millones

Instrumentos financieros de cobertura y derivados

HighPeak Energy utilizó derivados financieros para gestionar el riesgo de precios. La ganancia de cobertura para 2023 fue de $ 47.6 millones. Los instrumentos derivados cubrieron aproximadamente el 70% de los volúmenes de producción.

• Ganancia total de cobertura: $ 47.6 millones
• Cobertura de producción cubierta: 70%
• Instrumentos derivados: contratos de futuros de petróleo y gas

Venta de activos potencial o ingresos de empresas conjuntas

En 2023, HighPeak Energy completó una empresa conjunta con la producción del oeste de Texas, generando $ 112.5 millones en ingresos de transacciones. Las ventas potenciales de activos adicionales se estimaron en $ 75.3 millones.

Tipo de transacción	Valor
Transacción de empresa conjunta	$ 112.5 millones
Estimación de venta de activos potenciales	$ 75.3 millones

HighPeak Energy, Inc. (HPK) - Canvas Business Model: Value Propositions

You're looking at what HighPeak Energy, Inc. offers to its customers and the market-the core benefits driving their business. For HighPeak Energy, Inc., this centers on delivering high-quality hydrocarbons efficiently from a premier asset base.

The value proposition is built around the inherent quality of their Permian Basin assets and the operational discipline they apply to extract value, even when commodity prices fluctuate. This translates directly into the product mix and the cost structure they maintain.

Here's a look at the key components that define the value HighPeak Energy, Inc. is putting forward:

• High-quality, oil-heavy production mix, with crude oil making up about 66% of Q3 2025 volume.
• Consistent production volumes, with 2025 guidance of 48,000-50,500 Boe/d.
• Low cash costs per Boe, with Q2 2025 cash costs at $11.69 per Boe.
• Long-term, high-return inventory from deep drilling locations in the core Permian.

The focus on an oil-heavy mix is a deliberate value driver, as crude oil often commands a premium price realization compared to gas. For instance, in Q3 2025, crude oil realized prices were $65.63 per Bbl, versus natural gas at $1.07 per Mcf. The company is actively managing this mix, noting that its oil percentage should trend closer to 70% in the future, depending on new wells coming online.

You can see how the production and cost metrics stack up for the recent quarters:

Metric	Q2 2025 Result	Q3 2025 Result
Average Daily Sales Volume (MBoe/d)	48.6	47.8
Total Cash Costs per Boe	$11.69	$11.97
Lease Operating Expenses (LOE) per Boe (Excl. Workovers)	$6.55	$6.57
Crude Oil Cut in Volume	70%	66%

That low cash cost structure is key to resilience. For Q2 2025, the $11.69 per Boe total cash cost broke down into specific components, showing where they control spending:

• Lease operating expenses: $6.55 per Boe.
• Workover expenses: $1.06 per Boe.
• Production and ad valorem taxes: $2.80 per Boe.
• General and Administrative (G&A) expenses: $1.28 per Boe.

The long-term inventory quality is supported by performance data from specific zones. For example, their Middle Spraberry wells have demonstrated breakeven points in the low to mid $40/bbl range. That's the kind of long-term, high-return potential that underpins the value proposition, suggesting profitability even in leaner commodity price environments. Finance: draft 13-week cash view by Friday.

HighPeak Energy, Inc. (HPK) - Canvas Business Model: Customer Relationships

When you look at HighPeak Energy, Inc. (HPK), the customer relationship side is heavily weighted toward large-scale commodity transactions and direct engagement with the capital markets. It's not about a million small retail sales; it's about securing the output from your assets with major buyers and keeping your institutional backers informed.

Transactional, high-volume contracts with major purchasers.

Your core customer relationships here are built on the physical movement of hydrocarbons. We see this reflected in the production figures, which represent the volume underpinning those sales agreements. For instance, in the third quarter of 2025, HighPeak Energy, Inc. (HPK) reported average daily sales volumes of approximately 47.8 thousand barrels of crude oil equivalent per day (MBoe/d). That's a substantial, consistent volume that requires firm, transactional contracts with refiners or marketers.

To manage the price risk inherent in these large-volume sales, HighPeak Energy, Inc. (HPK) actively uses derivatives, which are essentially contracts to lock in future prices. As of the second quarter of 2025, the company had hedged a significant portion of its production for the next 18 months. Furthermore, they extended this protection by entering into additional crude oil derivative contracts covering a significant portion of forecasted production through March 2027. This hedging strategy is a key part of the relationship, as it provides revenue predictability to their counterparties.

Here's a quick look at the recent operational scale that drives these transactional relationships:

Period	Average Daily Sales Volume (MBoe/d)	Crude Oil Percentage	Liquids Percentage
Q3 2025	47.8	66%	83%
Q2 2025	48.6	70%	85%
Q1 2025	53.1	72%	86%

Direct communication with institutional investors via quarterly earnings calls.

For the financial customers-the shareholders and analysts-the relationship is maintained through a structured, direct cadence. HighPeak Energy, Inc. (HPK) uses formal quarterly earnings calls to deliver performance updates and strategic direction. For example, the Third Quarter 2025 results were released on November 5, 2025, followed by the earnings call on November 6, 2025, at 11:00 a.m. Central Time. This direct line of communication is crucial, especially following significant events like the CEO transition announced in September 2025.

You can track the consistency of this engagement:

• Q3 2025 Earnings Call: November 6, 2025.
• Q2 2025 Earnings Call: August 12, 2025.
• Q1 2025 Earnings Call: May 13, 2025.

These events, along with the release of materials like the Q3 2025 Investor Presentation on November 6, 2025, serve as the primary touchpoints for the investment community.

Maintaining financial flexibility to support shareholder value (e.g., $0.04 quarterly dividend).

A tangible demonstration of HighPeak Energy, Inc. (HPK)'s commitment to its shareholders is the consistent dividend policy, which helps anchor the relationship with long-term holders. The company has maintained a regular quarterly payout. Following the Q3 2025 results, the Board approved a quarterly dividend of $0.04 per share, payable on December 23, 2025, to shareholders of record on December 1, 2025. This keeps the annual dividend at $0.16 per share.

This dividend commitment is backed by efforts to secure financial footing. The total dividends paid to stockholders during the second quarter of 2025 amounted to approximately $5.0 million. Furthermore, management has actively worked to ensure the financial flexibility to sustain this, including amending the Term Loan Credit Agreement to extend maturity dates to September 2028 and increasing liquidity by up to $1.2 billion. This action directly supports the ability to maintain shareholder returns like that $0.04 quarterly distribution.

Finance: draft 13-week cash view by Friday.

HighPeak Energy, Inc. (HPK) - Canvas Business Model: Channels

The movement of HighPeak Energy, Inc. (HPK)'s produced commodities-crude oil, NGLs, and natural gas-to market relies on a mix of direct agreements and established midstream infrastructure.

Direct sales contracts to major petroleum refineries in the Permian Basin region.

HighPeak Energy, Inc. (HPK) sells its crude oil, NGLs, and natural gas to various customers on a competitive pricing basis, utilizing both intrastate and interstate markets. In September 2024, HighPeak Energy, Inc. (HPK) entered into an amended and restated crude oil marketing contract with DeleN as the purchaser.

The sales volume profile for 2025 shows the relative mix being channeled:

• Q1 2025 average daily sales volumes were 53.1 thousand barrels of crude oil equivalent per day (MBoe/d).
• Q1 2025 crude oil sales averaged 38,222 Bbls/day.
• Q2 2025 average sales volumes were 48.6 MBoe/d, with crude oil comprising approximately 70% of that volume.
• Q3 2025 average sales volumes were 47.8 MBoe/d, with oil sales volumes at 31,594 barrels per day, representing an oil cut of 66%.
• The 2025 production guidance range was set between 48,000 - 50,500 Boe/d.

Pipeline and trucking infrastructure for transporting crude oil and NGLs.

Physical movement requires access to midstream systems, and capacity constraints in these facilities can impact HighPeak Energy, Inc. (HPK)'s ability to deliver product. The company's capital plan included specific spending for infrastructure development.

Key infrastructure capital allocation figures for 2025 include:

• Total 2025 Capital Expenditures guidance range of $448 - $490 million.
• Guidance for One-Time Infrastructure Projects was set at $33 - $35 million.
• The majority of 2025 infrastructure capital expenditures (capex) were weighted toward the first quarter, with Q1 2025 infrastructure capex being $179.8 million of the total Q1 capex.

For transportation and gathering, in September 2024, DKL Permian Gathering, LLC ("DKL") was named as the gatherer and transporter in an amended crude oil marketing contract.

Third-party natural gas processors and gatherers for market access.

HighPeak Energy, Inc. (HPK)'s natural gas production is gathered by third-party processors primarily to extract NGLs. The resulting residue natural gas and extracted liquids are then sold to various markets. The company has noted that increased sales volumes of natural gas and NGLs in Q3 2025 were attributed to the resolution of prior gas takeaway issues.

The process involves agreements with midstream companies for natural gas processing, NGL transportation, and produced water disposal, some of which require HighPeak Energy, Inc. (HPK) to meet minimum volume commitments.

Commodity exchanges (CME NYMEX, ICE) for derivative trading.

HighPeak Energy, Inc. (HPK) uses derivative instruments, based on prices from the New York Mercantile Exchange (NYMEX), to manage commodity price risk. Crude oil hedges use WTI Cushing pricing, and natural gas hedges use Henry Hub (HH) pricing. The company entered into additional crude oil derivative contracts subsequent to Q2 2025, covering a significant portion of forecasted production through March 2027.

Selected derivative positions as of March 31, 2025, for the second quarter of 2025:

Commodity	Settlement Month	Type of Contract	Bbls/MMBtu Per Day	Index Price per Unit	Ceiling Price per Unit
Crude Oil	Apr - Jun 2025	Swap	5,500 Bbls	WTI Cushing $76.37 /Bbl	$-
Crude Oil	Apr - Jun 2025	Collar	7,989 Bbls	WTI Cushing $- /Bbl	$88.55 /Bbl
Natural Gas	Apr - Jun 2025	Swap	30,000 MMBtu	HH $4.43 /MMBtu	N/A

For natural gas, HighPeak Energy, Inc. (HPK) had outstanding swaps in April 2025 for 30,000 MMBtu per day for the period of April - June 2025 at a weighted average price of $4.43 per MMBtu HH.

HighPeak Energy, Inc. (HPK) - Canvas Business Model: Customer Segments

You're looking at the core buyers for HighPeak Energy, Inc. (HPK) as of their late 2025 reporting, which centers on their Midland Basin production. The customer base is segmented by the commodity they are taking off the wellhead, and, importantly, by those providing capital.

Petroleum refineries requiring West Texas Intermediate (WTI) crude oil

Refineries are your primary off-takers for the crude oil component of HighPeak Energy's output. The company's production mix in the third quarter of 2025 clearly shows the importance of this segment, even as the mix shifted slightly.

For the quarter ended September 30, 2025, HighPeak Energy's sales volumes averaged 47.8 thousand barrels of crude oil equivalent per day (MBoe/d). The crude oil portion made up approximately 66% of those sales volumes. Honestly, this means the demand from refiners dictates a huge chunk of their near-term revenue stability.

Metric	Value (Q3 2025)
Average Daily Oil Sales Volume	31,594 barrels per day
Crude Oil Sales Volume Percentage	66% of total sales volumes
Average Realized Price (Crude Oil per Bbl, excluding derivatives)	$65.63
Total Debt (as of September 30, 2025)	$1.2 billion

The company's derivative strategy also directly impacts the effective price refineries pay or that HighPeak Energy realizes, as contracts are based on the NYMEX WTI Cushing pricing.

Energy trading companies purchasing natural gas and Natural Gas Liquids (NGLs)

Trading desks and processors buy the balance of the production-natural gas and Natural Gas Liquids (NGLs). HighPeak Energy noted that sales volumes for natural gas and NGLs increased by about a combined 10% quarter-over-quarter in Q3 2025, suggesting improving takeaway capacity for these products.

The liquids portion of the sales volumes, which includes NGLs, accounted for 83% of the total sales in Q3 2025. This segment is crucial for balancing the overall production profile.

• Average Realized Price for NGL per Barrel (Q3 2025): $17.40
• Average Realized Price for Natural Gas per Mcf (Q3 2025): $1.07
• Total Realized Price per Boe (Excluding Derivatives, Q3 2025): $42.91
• EBITDAX (Q3 2025): $139.9 million

The overall realized price per Boe, when not factoring in hedging effects, was $42.91 for the third quarter. That's the raw value these commodity buyers are dealing with.

Institutional and retail investors seeking exposure to a pure-play Midland Basin operator

This segment isn't buying barrels; they are buying equity in HighPeak Energy, Inc. (HPK). The company's recent strategic pivot, focusing on financial discipline after reporting a net loss of $18.3 million in Q3 2025, directly targets investor sentiment. The Board declared a quarterly dividend of $0.04 per common share payable in December 2025, a move intended to reassure this customer base.

The capital structure as of September 30, 2025, shows a net debt position of $1.035 billion against cash of $165 million. This debt load is a key factor for any investor assessing the stock.

Investor Metric (Late 2025)	Value
Market Capitalization	$864.04M
Institutions Ownership	21.01%
Insiders Ownership	85.28%
Short Percent	4.35%

You can see the insiders defintely have a large stake, which is something to note when evaluating governance. Finance: draft 13-week cash view by Friday.

HighPeak Energy, Inc. (HPK) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive HighPeak Energy, Inc.'s operations as of late 2025. It's a capital-heavy business, and managing that outlay is key to survival.

The cost structure is heavily weighted toward getting the product out of the ground. Drilling and completion (D&C) is the primary drain on capital. While the cumulative figure through Q3 2025 isn't explicitly stated as $391.8 million in the latest reports, we can see the quarterly spend reflecting this intensity:

Metric	Q3 2025 Amount	Q2 2025 Amount
Capital Expenditures (Excluding Acquisitions)	$86.6 million	$125.4 million
Change from Previous Quarter	Decrease of 31%	Decrease of over 30% from Q1 2025

This shows a deliberate pull-back in capital deployment during Q3 2025, with management pacing activity to market conditions.

Day-to-day production costs, known as Lease Operating Expenses (LOE), show a tight grip on variable costs. You saw this focus on efficiency:

• Lease Operating Expenses (LOE) averaged $6.55 per Boe in Q2 2025.
• LOE for Q3 2025 was $6.57 per Boe, excluding workover expenses, keeping it consistent with the first half of 2025.
• Simul-frac completion technique delivered cost savings of over $400,000 per well compared to the traditional zipper frac.

Interest expense is a major component due to the significant leverage. HighPeak Energy, Inc. upsized borrowings under its Term Loan to $1.2 billion in August 2025, and total debt on the balance sheet as of September 2025 was reported at $1.19 Billion USD. This high debt level remains a primary focus for improvement, as noted by the new CEO.

General and administrative (G&A) expenses reflect the overhead required to run the company, including one-time hits. For the third quarter of 2025, G&A expenses were $2.12 per Boe. This figure was higher than the prior quarter, primarily due to specific costs:

• Legal costs.
• Severance costs related to the retirement of the former Chairman and CEO.

Finance: draft 13-week cash view by Friday.

HighPeak Energy, Inc. (HPK) - Canvas Business Model: Revenue Streams

You're looking at the core ways HighPeak Energy, Inc. (HPK) brings in cash, and honestly, it's almost entirely about what comes out of the ground right now. The revenue structure is heavily weighted toward commodity sales, which means their top line is directly tied to the volatile prices of oil and gas.

Crude oil sales, which is the overwhelmingly dominant revenue source.

Crude oil is the engine here. For the first quarter of 2025, crude oil sales alone accounted for a massive portion of the total operating revenues. To be fair, this dominance is expected to continue as liquids make up the bulk of their production mix. For example, in Q1 2025, crude oil sales hit $246,424 thousand, compared to just $11,024 thousand for NGL and natural gas sales combined. Also, in Q3 2025, sales volumes consisted of approximately 66% crude oil and 83% liquids.

Here's a quick look at the revenue breakdown from the start of 2025:

Revenue Component (Q1 2025, in thousands)	Amount
Crude oil sales	$246,424
NGL and natural gas sales	$11,024
Total operating revenues	$257,448

Natural Gas Liquids (NGL) and residue natural gas sales.

While secondary, NGL and natural gas sales provide important diversification. You see the realized prices fluctuate quite a bit, which is why hedging becomes so critical. For instance, the average realized price for natural gas, excluding derivatives, in Q1 2025 was $2.34 per Mcf, but by Q3 2025, that price had dropped to $1.92 per Mcf. Still, the volume of NGLs sold increased from 5,147 Bbls per day in Q1 2024 to 7,724 Bbls per day in Q1 2025.

Realized gains from commodity derivative contracts, like gas hedged at $4.43 per MMBtu.

HighPeak Energy, Inc. (HPK) actively manages price risk, so derivative contracts are a key part of the revenue picture, smoothing out volatility. You definitely want to track the impact of these hedges. Specifically, the company entered into natural gas derivative instruments, setting HH fixed price swaps at $4.43 per MMBtu for 30,000 MMBtu per day covering the period from March 2025 through February 2026. The impact shows up in the realized prices; for example, the overall realized price per Boe in Q2 2025 was $46.94 per Boe including derivatives, versus $45.27 per Boe excluding them.

When looking at the full-year 2025 analyst consensus, the latest available analyst projection points toward revenues of US$818.1m in 2026, based on three analysts covering HighPeak Energy, Inc. (HPK) as of November 8, 2025. What this estimate hides is the exact 2025 projection you were looking for, but the Q3 2025 actual revenue was US$189m, falling short of expectations for that period. You should keep an eye on the next update for a clearer 2025 picture.

Finance: draft 13-week cash view by Friday.